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test bank for financial accounting 8th edition by libby
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  • January 18, 2023
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2-1 Copyright © 2014 McGraw -Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw -Hill Education. Chapter 02 Investing and Financing Decisions and the Accounting System True / False Questions 1. The primary objective of financial reporting is to provide useful information to external decision makers. True False 2. In order for information to be relevant, the information needs to be complete, neutral, and free from error. True False 3. In order for information to be relevant, the information should have both predictive and/or feedback value. True False 4. The continuity assumption states that a business will continue to operate into the foreseeable future. True False Test Bank for Financial Accounting 8th Edition by Libby
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Full all chapters instant download please go to Solutions Manual, Test Bank site: downloadlink.org 2-2 Copyright © 2014 McGraw -Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw -Hill Education. 5. The current assets section of a balance sheet includes both inventory and prepaid expenses. True False 6. The stockholders' equity section of a balance sheet includes capital contributed by owners and also retained earnings. True False 7. Under the stable monetary unit assumption , accounting information should be measured and reported in terms of the national monetary unit, with an adjustment for changes in purchasing power. True False 8. Assets are reported on the balance sheet in the order of liquidity. True False 9. Many valuable assets such as trademarks and copyrights are not reported on a company 's balance sheet. True False 10. Stockholders' equity reflects the financing provided by owners. True False 11. Common stock and additional -paid in capital represent the financing sources from shareholders. True False 2-3 Copyright © 2014 McGraw -Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw -Hill Education. 12. Financial reporting focuses on reporting the impact of transactions on an entity's financial position. True False 13. Unearned revenue is reported on the balance sheet as a liability and represents amounts paid to an entity in exchange for future services and/or goods. True False 14. A transaction may be an exchange of assets or services by one business for assets, services, or promises to pay from a different business. True False 15. The dual effects concept implies that every tr ansaction has at least two effects on the accounting equation. True False 16. The accounting equation does not have to be in balance after the recording of each transaction. True False 17. Additional -paid in capital is reported on the balance sheet as a component of shareholders' equity. True False 2-4 Copyright © 2014 McGraw -Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw -Hill Education. 18. Common stock and additional -paid in capital are both reported on the balance sheet as a component of shareholders' equity. True False 19. A company's assets and stockhol ders' equity both increase when the company sells additional shares of stock in exchange for cash. True False 20. Purchasing supplies for cash results in an increase in total assets for the purchasing company. True False 21. The normal ba lance for an asset account is a debit and the normal balance for a liability account is a credit. True False 22. The recording of a journal entry precedes the posting to the general ledger. True False 23. An asset account normally has a debit balance and is increased by debiting the account. True False 24. Liability and stockholders' equity accounts normally have credit balances and are decreased by debiting the accounts. True False

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